EchoVera, an accounts payable solutions provider, has announced an invoice OCR solution that integrates with popular ERPs, helping organizations reduce the reliance on manual data entry and increase the efficiency of their accounts payable operations. The solution captures invoice data from both paper and email invoices regardless of their supplier’s accounting system.
Third party reports confirm that organizations have issues with invoice data capture. Over 90% of companies in North America receive invoices in paper and email formats, as opposed to EDI or using an invoice portal. On top of that, 75% of organizations input all of their supplier invoice data manually.
Historically invoice data capture is performed in two ways: manually keying in data from paper invoices or printed emailed invoices, or the invoices are scanned with older OCR software that may not be easy to use or have the capability to handle complex documents.
“Practically every organization struggles with capturing invoice data,” said Ralf Leitner, CEO of EchoVera, “but once the data is captured, what happens next? Our clients use Palette AP Automation for the automated invoice approval workflow and PO matching capabilities.”
EchoVera’s Intelligent OCR automatically and intuitively detects and learns unique supplier invoices based on their respective layouts. It can capture data from all the electronic formats vendors send including PDF, EDI, XML, TIFF, DOC, and XLSX.
The software instinctively learns invoice layouts and data fields and stores them in a database. The extracted information is made available inside a central dashboard. The solution can capture both header and line items from single and multiple page documents with hundreds of lines. As well, Intelligent OCR helps to facilitate the purchase order matching process for companies that receive PO invoices.
With many invoices being sent via email the invoice capture process can be automated even further. Most ERP systems can output electronic formats, and the supplier does not have to invest in any technology or infrastructure as all they are doing is forwarding the invoice to a designated email address.
Intelligent OCR integrates with popular ERPs such as NetSuite, Microsoft Dynamics, SAP Business One, Infor, and Sage Intacct. Clients can choose between capture as a service or use the software in-house.
Find out more about Intelligent OCR for invoice capture: https://echovera.ca/solutions/intelligentdatacapture/
EchoVera Inc. provides Intelligent OCR, AP Automation and Purchase Automation solutions to organizations looking to reduce costs and increase the efficiency of their financial operations. EchoVera brings over 30 years experience to clients worldwide.
For more information about EchoVera: http://echovera.ca
Release ID: 89009082